NEW YORK (TheStreet) -- Pandora Media (P) shares are popping 9.72% to $10.84 on heavy trading volume Thursday, extending earlier gains after the company announced a new board member on Wednesday, heightening merger speculation.
Anthony J. "Tony" Vinciquerra, a technology, media and telecom expert with over 30 years of industry experience, will join the board as an independent director.
With the new addition, the company said it is expanding its board to 10 seats from 9.
Following this announcement, analyst Rich Tullo at Albert Fried & Co. commented on the buyout speculation, saying, "If I were selling Pandora, I would add a director like Mr. Vinciquerra to the board," MarketWatch reports.
As of 3:20 p.m., more than 12.5 million shares had changed hands, above the company's average trading volume of about 8.4 million shares.
Based in Oakland, CA, Pandora Media provides Internet music streaming services in North America.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: P